The Nigerian foreign exchange market remains under pressure as the Naira continues to weaken against the United States Dollar in the parallel market.
As of today, Thursday, May 29th, 2025, the black market exchange rate reflects sustained demand for the dollar from individuals, small businesses, and importers facing limited access to foreign exchange through official sources.
The Dollar to Naira black market exchange rate for today stands at:
| Currency Pair |
Buying Rate (₦) |
Selling Rate (₦) |
| USD to NGN |
1,615 |
1,625 |
These figures were obtained from major street traders and currency dealers in Lagos, Abuja, Kano, and other metropolitan areas across Nigeria. This slight depreciation from the previous day continues the trend seen over the past week.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians continue to search daily for the latest updates on “how much is dollar to naira today in black market” as the demand for foreign exchange intensifies. Today, Thursday, May 29, 2025, the Naira is trading at ₦1,615 per dollar for buying and ₦1,625 per dollar for selling in the black market.
This unofficial rate is significantly higher than the official rate offered by the Central Bank of Nigeria (CBN), reflecting the persistent disparity between the regulated and unregulated segments of the foreign exchange market.
Why the Black Market Rate Is Important
The black market—also known as the parallel market—serves as the go-to source for most Nigerians in need of foreign currency for personal, academic, or business transactions. While the CBN maintains an official exchange rate, many Nigerians are unable to access forex through the regulated channels due to supply limitations, administrative bottlenecks, and eligibility criteria.
Because of these factors, the black market remains the most accessible option for many, and its rates often provide a more realistic reflection of market dynamics.
To track the daily fluctuations, forex traders and businesses rely on platforms like:
Investors King for daily business and currency market insights
Aboki Forex for real-time black market exchange rates across various Nigerian cities
CBN Official Rate vs. Black Market Rate
The CBN’s official exchange rate often differs substantially from the black market rate. While today’s black market rate is ₦1,625 per dollar (selling), the official CBN rate has hovered around ₦1,590–₦1,600 in recent days, depending on market adjustments and interventions.
This gap creates a two-tiered exchange rate environment, which analysts argue distorts economic activity and encourages arbitrage. Although the Central Bank continues to push for exchange rate unification and forex reforms, these efforts have yet to stabilize the parallel market.
You can visit the CBN website for official rates, guidelines on Form A and Form M, and related monetary policies.
Factors Influencing the Dollar to Naira Black Market Rate
Several macroeconomic and local factors are responsible for the movement of the Naira against the U.S. Dollar in the parallel market:
High Forex Demand – Importers, students studying abroad, medical travelers, and SMEs drive up the demand for dollars
Limited Dollar Supply – Inadequate forex allocation by the CBN increases dependence on the black market
Inflation and Cost of Living – As inflation rises, demand for stable foreign currencies increases
Capital Flight – Political uncertainty and insecurity cause investors to move funds abroad, adding pressure on the Naira
Decline in Oil Revenue – Nigeria’s main source of dollar inflow remains vulnerable to global oil price volatility
These factors make it increasingly difficult for the Naira to recover in both the official and black market segments.
Market Outlook
With no major intervention or announcement from monetary authorities, analysts predict that the Naira could remain weak in the coming weeks. The federal government’s ongoing discussions with foreign investors and multilateral lenders may help ease pressure in the medium term, but short-term relief remains uncertain.
In the meantime, tracking the black market exchange rate remains critical for financial planning, especially for businesses and individuals engaged in international transactions.
Conclusion
As of Thursday, May 29, 2025, the Dollar to Naira black market exchange rate is:
₦1,615 per $1 (Buying)
₦1,625 per $1 (Selling)
The Nigerian economy continues to grapple with forex scarcity and exchange rate instability. For real-time updates, analysis, and financial news, visit Investors King or check rates via Aboki Forex. To understand policy direction and access official rates, consult the Central Bank of Nigeria (CBN).
Staying informed is essential for making the right financial decisions in this volatile environment.
